IQM hits Nasdaq as IQMX: Europe finally has a public quantum champion

[TheRizz00]

IQM completed its merger with Real Asset Acquisition Corp and started trading on the Nasdaq Global Select Market yesterday under IQMX, making it the first European quantum computing company listed on a major US exchange. The Finnish superconducting outfit enters public life with a pro forma cash position of 337 million euros and a claim that raised my eyebrows, 23 quantum computers sold worldwide, more than any other manufacturer

The sold number is the interesting part because IQM's whole model is different from the cloud access crowd. They sell full stack on premises systems that customers actually own and operate, with machines already running at CINECA in Italy, LRZ in Germany and Oak Ridge in the US. Whatever you think of superconducting qubits, shipping physical systems to national labs is real revenue, not press release revenue

CEO Jan Goetz is framing it as an inflection point where organisations move from exploration to implementation. The cynic notes that a SPAC route rather than a traditional IPO usually means you take the certainty over the valuation, and that Europe's quantum champion listing in New York rather than Frankfurt or Amsterdam says something uncomfortable about European capital markets

Still, between this, the Quantinuum IPO last month and SEEQC filing its S-1 this week, quantum is properly in its public markets era now. Is that maturity, or is the industry cashing out to retail while the science is still years from payback?

IQM becomes first European quantum computing company to list on a major US exchangetech.eu

[Delulu]

Listing in New York is not uncomfortable, it is rational. That is where the liquidity and the analysts who understand deep tech live

[Gaz90]

Which is exactly the uncomfortable part. Europe funds the research, America captures the equity upside, the pattern never changes

[Lion42]

23 systems sold is genuinely the best commercial stat in the industry. Everyone else counts cloud credits and LOIs

[NeutrinoX54]

Sold to whom though? Mostly government funded labs and HPC centres. That is one customer type and it saturates

[Seb51]

On prem ownership is the right model for this phase. No lab wants their quantum roadmap dependent on someone else's cloud queue

[MrRicardo]

SPAC route in 2026 after everything we learned in 2021 would normally be a red flag, but they came with actual revenue so I will allow it

[Calm Paige]

The dual Helsinki listing starting today is a nice touch at least. Retail in Europe can buy their own champion without an ADR

[Wendy88]

Superconducting is a crowded lane against IBM and Google. Their edge is being the arms dealer who sells you the whole machine, not the best qubit